Bitcoin Price Falls as Trump Raises Global Tariffs to 15%
Bitcoin’s value experienced a decline following U.S. President Donald Trump’s announcement of increased global tariffs. The cryptocurrency, which was priced at $65,221.30, reacted swiftly to the news. Just prior, the U.S. Supreme Court invalidated certain previous trade actions under the International Emergency Economic Powers Act (IEEPA).
Trump’s Trade Policy Changes
In a statement on Truth Social, Trump described the Supreme Court’s ruling as “anti-American.” He then declared an immediate increase in global tariffs from an already established rate to 15%. This decision follows the court’s recent conclusion that the President lacked the authority for certain tariff actions earlier this year.
Market Reactions
- Bitcoin saw an initial rise of approximately 0.5% after the announcement.
- However, it soon declined by nearly 1%, now trading around $68,000.
- Ether also experienced a dip, down 0.45%, currently priced at $1,980.
This tariff adjustment comes at a critical time for the market. The Trump administration has stated that additional adjustments to tariffs will be determined and announced in the coming months.
The significant shifts in both trade policy and cryptocurrency prices highlight the interconnectedness of global finance and political decisions. Investors will be monitoring these developments closely.
